If you’re like many Americans, your eyes are glued to the television every Sunday watching football. With the Super Bowl only days away—and tax season quickly approaching—it’s worth noting that there are surprisingly many similarities between achieving success on the field and in terms of your finances. Check out these four strategies for financial success—the time for preemptive tax planning is almost up!
1. You’ll need a game plan
Football coaches spend weeks and months preparing game plans for opponents. Hopefully, you’ve already been in touch with your accountant, preferably throughout 2016. You are the quarterback of your company and you need to huddle with your team. Set clear expectations and distinct responsibilities, and point your playmakers in the right direction. Your stars include your:
CFO, controller or internal accountant
financial planner and/or investment advisor
2. Slow and steady wins the race
You’ll need your CFO to snap you the ball, or give you all your relevant financial information. This is something that you expect your center to do consistently throughout the year, with minimal error. Errors in financial information can cause you to make poor decisions, based on inaccurate information. The center needs to handle:
sales by state
payroll by state
owners’ W-2 compensation
3. There’s no ‘I’ in team
The quarterback rarely scores all the touchdowns by himself. You expect your investment advisor and financial planner to make plays for you—providing solid advice, investing your money properly (based on your play calls) and helping to get you into the end zone. They need to hand you:
a plan for saving/retirement goals
1099 tax forms
4. Adjustments are necessary
Winning teams always make tactical adjustments to their game plan during the course of a game or season. The left tackle in your business is your most trusted advisor, your CPA. He or she will advise you on the best courses of action with regard to your tax and/or business strategies. Perhaps there is an opportunity to diversify your revenue stream or cut costs,leading to higher profits.
March 15 is the due date for filing both S Corporations and Partnerships;April 17 is the due date for filing C Corporations. All companies should aim to turn their information in to their CPA as soon as possible, especially for complex returns. The best strategy? Pass along all information to your CPA as it arrives. There’s no need to wait to gather everything into a final package. Depending on your company, you may have to turn in more than the information that’s listed here; call your accountant to get a full list.
For over four decades, the team at Whisman Giordano & Associates LLC has focused on building extraordinary relationships by working diligently and spending time getting to know our clients. Our focus is on providing peerless accounting, auditing, tax planning, compliance and business advisory services. We’d love to learn more about your tax situation and give you insight into what to do next.
Whisman Giordano & Associates LLC Certified Public Accountants